RBC Life Insurance Company opens representative office in Beijing
Beijing, August 24, 2006 — RBC Insurance today announced the opening of RBC Life Insurance Company’s new representative office in Beijing. The new office will allow RBC to liaise with governmental and regulatory bodies, conduct market research and establish an RBC Insurance presence in the Chinese marketplace.
“This is the first step for RBC Insurance in entering the Chinese market,” said Neil Skelding, president and CEO, RBC Insurance. “It is part of a larger commitment on our part to further strengthen our ties and cooperation with China’s governmental regulatory authorities and insurance companies.”
RBC Insurance received approval from the China Insurance Regulatory Commission on June 7, 2006 to establish the representative office. The office, which is located at RBC’s branch at 7 Financial Street, Winland International Financial Center, will initially have a staff of two local RBC employees including Tom Chen as chief representative.
“The newly established representative office demonstrates the desire of RBC Insurance to develop a better understanding of the Chinese insurance market and to establish strong, long-lasting and mutually beneficial relationships with China,” added Tom Chen.
RBC was the first North American bank to offer financial services in the People’s Republic of China in 1954, and the first Canadian bank to open a representative office in Beijing in 1981. Today, RBC operates a branch in Beijing and Hong Kong, the latter from where it also offers private banking, full service brokerage, correspondent banking and capital markets services.
About RBC Insurance
RBC Insurance provides a wide range of creditor, life, health, travel, home, auto and reinsurance products and services to more than five million clients in Canada, the U.S. and internationally. These products and services are offered through a wide variety of distribution channels, including the telephone, independent brokers, travel agents, a proprietary sales force and the Internet. More information is available at www.rbcinsurance.com.
About RBC Financial Group
Royal Bank of Canada (RY on TSX and NYSE) uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada’s largest bank as measured by market capitalization and assets, and is one of North America’s leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs approximately 70,000 full and part-time employees who serve more than 14 million personal, business and public sector clients through offices in North America and some 30 countries around the world. For more information, please visit www.rbc.com.
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